Hyundai Motor Group, the largest carmaker in South Korea, has announced that it will use blockchain technology to enable the pairing of smartphones with its electric vehicles (EVs). With this move, drivers will be able to customize the primary settings of their EVs via a smartphone application powered by blockchain to prevent security issues.

According to Cointelegraph, the South Korean carmaker said in a statement that it expects to be the first car manufacturer to put blockchain-based technology to use in order to secure data that drivers input on the EV’s custom settings and share to the server.

Hyundai explained that its platform will encrypt major performance parameters using blockchain. The system will work by establishing new data blocks while the information is being uploaded and shared on the server, with the purpose of deterring data hacks from other parties.  

Drivers can adjust a total of 7 performance settings, from the EV’s maximum speed limit, responsiveness, and energy use on climate control to the maximum torque output of the motor, regenerative braking capacity, and acceleration and deceleration abilities.

Hyundai has also been keen to used fintech and blockchain to upgrade its services in other areas. Hyundai Commercial — a financial services subsidiary of the conglomerate — has announced a joint project with IBM that will focus on adapting the auto brand’s business model through blockchain technology.

The project will use open-source Hyperledger Fabric blockchain technology in order to develop a new supply chain financing ecosystem which will serve the Hyundai Commercial network.

Source: cointelegraph.com

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